AAM Weekly Market Wrap – September 25, 2017

Weekly Market Wrap: Stocks continued higher last week on mostly positive home and manufacturing data with a Fed announcement that met expectations.

 

For The Week

  • The S&P 500 added 0.08% to 2,502.22
  • Oil gained 1.54% to $50.66
  • Gold lost 1.82% to $1,297.00
  • The US dollar rose 0.34% at $92.18 against other major world currencies.

 

2017 Year-To Date for the major indexes:

 

  • The S&P Index +11.76%
  • The Dow Jones Index +13.09%
  • The NASDAQ Index +19.39%
  • The Russell 2000 Small cap Index +6.90%
  • EAFE International Index +18.47%
  • 10 Year Treasury Yield is 2.26%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 2.80%, higher for the week and lower for the year
  • WTI Crude Oil Index -5.70%
  • Bloomberg Gold Index +12.55%
  • The Dollar Index -9.89% against other major world currencies

 

 

Monday the S&P 500 index gained 4 points on moderate volume as the housing market index fell and missed expectations.

Tuesday the markets added 3 points on moderate volume as housing starts fell but beat estimates, building permits rose and beat estimates while both import and export prices rise and beat expectations.

Wednesday the index gained 2 points on moderate volume as mortgage applications fell, existing home sales fell and missed while the FOMC held rates steady and will begin the slow process of selling assets in October as expected.

Thursday the S&P 500 lost 8 points on moderate volume as jobless claims fell more than expected and FHFA home prices rose less than expected and leading indicators rose and beat estimates.

Friday the index rose 2 points on light-to-moderate volume as the PMI composite fell and missed expectations.

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.00% and a 30-year rate of 3.79%. These rates are as of 9/25/2017 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Dallas Manufacturing

Tuesday – Shiller Home Prices / New Home Sales / Consumer Confidence

Wednesday – Mortgage Applications / Pending Homes Sales / Durable Goods Orders

Thursday – Weekly Jobless Claims / GDP / Corporate Profits

Friday – Personal Income & Outlays / Chicago PMI / Consumer Sentiment

 

 

Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC

September 25, 2017

 

 

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